11 AAC 97.400 - Bonding required

A miner who is not exempt under AS 27.19.050(a) shall either

(1) participate in the statewide bonding pool under 11 AAC 97.425;

(2) post a performance bond with the commissioner to ensure complete compliance with AS 27.19, this chapter, and the approved reclamation plan, consisting of either

(A) a corporate surety bond under 11 AAC 97.405; or

(B) a personal bond accompanied by a letter of credit, by a certificate of deposit, or by a deposit of cash or gold, under 11 AAC 97.410;

(3) post a bond or financial guarantee with another government agency to satisfy that agency's reclamation-related bond requirements if, in a cooperative management agreement with that agency, the commissioner has determined that the agency's bond requirements are at least as effective as those of AS 27.19 and that requiring another bond would be unnecessary; or

(4) post a general performance bond that

(A) is written in favor of an agency of the State of Alaska;

(B) requires reclamation to standards no less effective than those of AS 27.19 and this chapter;

(C) is in an amount no less than $750 per acre of mined area or area to be mined;

(D) remains in effect until the mined area is reclaimed to standards no less effective than those of AS 27.19 and this chapter; and

(E) requires that, if the bond is liquidated, proceeds in the amount of $750 per acre of mined area will be paid or reserved exclusively for the purpose of reclamation until all mined areas are reclaimed to standards no less effective than those of AS 27.19 and this chapter.

Notes

11 AAC 97.400

Eff. 7/30/92, Register 123

Authority: Sec. 2, ch. 92, SLA

1990

AS 27.19.040